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Guy at work.. Should i tell him?
Comments
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BallandChain wrote: »Neas, I wonder what his logic is in him buying a house and telling you to wait? I'm wondering how much of the deposit he contributed to and as he isn't in full time employment it seems his partner is the one who is going to come out of this the worst.
If he isn't earning why the hell did his OH put his name on the mortgage? The reason I ask is it seems he wants to make a quick buck and I'd be interested to know if his partner had plans on keeping the house for the long term.
He assumed this:
1. Buy house for 100
2. Pay just interest only of 650 pound per month on fixed rate 2 year deal. Deposit borrowed from family of 12k
3. After he finishes his course either get job in town or sell for 5-10k profit because proprty would go up. So by paying 150 pound more than what it costs to rent he could make 5-10k profit.
That was his logic. he says the economic problems is bad reason to get on the ladder... because "he heard on the news' that interest rates were going up. That was why he suggested not buy for a few months to see how the market turns... even though he said that he said he was tempted to get ANOTHER house to rent out... as a BTL mortgage. I asked him how he'd get the 15% deposit and he didnt really have an answer
If he had done this 4 years ago he'd prob be laughing but not now i dont think with house prices dropping.
BTW its ok to slate me for using property bee but I have no quarms about researching my biggest financial decision in my life to the utmost?. Or do you want me to do what other youngsters are doing and waste my money on boozing every weekend?0 -
He assumed this:
1. Buy house for 100
2. Pay just interest only of 650 pound per month on fixed rate 2 year deal. Deposit borrowed from family of 12k
3. After he finishes his course either get job in town or sell for 5-10k profit because proprty would go up. So by paying 150 pound more than what it costs to rent he could make 5-10k profit.
That was his logic. he says the economic problems is bad reason to get on the ladder... because "he heard on the news' that interest rates were going up. That was why he suggested not buy for a few months to see how the market turns... even though he said that he said he was tempted to get ANOTHER house to rent out... as a BTL mortgage. I asked him how he'd get the 15% deposit and he didnt really have an answer
If he had done this 4 years ago he'd prob be laughing but not now i dont think with house prices dropping.
BTW its ok to slate me for using property bee but I have no quarms about researching my biggest financial decision in my life to the utmost?. Or do you want me to do what other youngsters are doing and waste my money on boozing every weekend?
Forget about this house crash business, doe's he realise how bloody long it takes to pay the student loans back....:eek: took me flaming years.:DDFW Nerd 267. DEBT FREE 11.06.08
Stick to It by R.B. Stanfield
It matters not if you try and fail, And fail, and try again; But it matters much if you try and fail, And fail to try again.0 -
Yes you need to research everything before buying its a huge risk i know as we are in the process of trying to buy .
Slimming world start 28/01/2012 starting weight 21st 2.5lb current weight 17st 9-total loss 3st 7.5lb
Slimmer of the month February , March ,April
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Your going to buy now? !!
hehe do more research... What area do you live in? Majority of areas have started to drop.0 -
Good grief, he didn't even have the money for a deposit and talks of a BTL. What are the lenders thinking offering him a mortgage when he's not even earning! It sounds as if he's trying to be a financial whizzkid but it ain't happening. I feel sorry for the partner, though I suspect she/he? is just as daft.0
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What is a quarm? You might be better off researching how to spell. Or minding your own business? At least if you went out for a drink once in a while, you wouldn't be a such a property price bore. Either commit to the biggest financial decision of your life, or stop researching and dithering.BTW its ok to slate me for using property bee but I have no quarms about researching my biggest financial decision in my life to the utmost?. Or do you want me to do what other youngsters are doing and waste my money on boozing every weekend?Been away for a while.0 -
Quoted again, just for the hell of it.guess you right... I dont believe what i read
. I research my areas property prices... using property bee...
Just a question though, do you own more than 1 property?
Want some stats? Every day i check changes on rightmove.. every day 10 new houses reducin their prices by 5k+ nobody is increasing their prices... :P
dateevent18th Mar 2008- Price changed: from '£174,950' to '£169,995'
- Title changed: from 'Plymouth, Devon' to 'Widewell, Plymouth'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£174,995' to '£169,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£172,950' to '£167,995'
- Price changed: from '£174,950' to '£172,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from 'Guide Price £165,000' to 'Guide Price £159,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£164,950' to '£159,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£154,950' to '£150,000'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£153,000' to '£149,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£149,950' to '£145,000'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£149,950' to '£142,950'
- Title changed: from 'Plymouth, Devon' to 'West Park, Plymouth, Devon'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£142,500' to '£139,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£139,950' to '£135,000'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£139,950' to '£134,950'
- Initial entry found.
dateevent17th Mar 2008- Price changed: from '£140,000' to '£134,950'
- Initial entry found.
dateevent14th Mar 2008- Price changed: from 'Guide Price £137,000' to 'Guide Price £132,950'
- Initial entry found.
dateevent13rd Mar 2008- Price changed: from '£124,950' to '£119,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£119,950' to '£116,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£109,995' to '£104,995'
- Initial entry found.
. So prices arent dropping? the FTSE isn't dropping? USA isnt in a recession? Uk isnt heading for a recession? Northern Rock didnt loose !!!! loads of money? US Bear Bank didnt loose !!!! loads of money?
Ok bury your head in the sand them my friend... guess you have a vested interest in property otherwise you'd see the signs.. like all the nation.. god even he sun newspaper is reporting this.Been away for a while.0 -
Well if house prices had rose he would have made an easy 5k.. to help pay for a deposit or pay off his student loans.
He gambled on houses always rising. He doesn't understand the severity of his decision hes just a pup and has made the biggest decision of his life... he made this decision when houses were rising and now he finds himself at the top of the big dipper... about to go for a big rollercoaster ride that will teach him about life.0 -
I think it's fun watching the house prices drop month on month. I suspect those who don't like the stark facts are home owners who regularly researched when their house prices were shooting up.0
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Running_Horse wrote: »Quoted again, just for the hell of it.
Why? I fail to see the logic.. Your incinuating (and no i dont care if its spelt wrong.. this is the interweb..) that i dont enjoy myself. Im getting married mate, i go out every now and then but im not a complete !!!!head like i used to be. Im settling down thinking financially straight for my future family.
Why berate me for it?0
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